The permit required by Section 1024.02 shall be confined to a single project. An application therefor shall be made on a form prescribed by Council, giving the exact location of the proposed excavation, the kind of paving, the area and depth to be excavated and such other facts as may be provided for. Such application shall be submitted to the Clerk-Treasurer or the Administrator two weeks or more prior to the beginning of the construction. Council shall consider the application and issue its instructions to the Clerk-Treasurer or the Administrator, which instructions shall be recorded in the minutes of Council. Council shall have the power to refuse such permit or to require that plans and specifications be made to its satisfaction, and that such plans and specifications conform to the best interests of the Village. Such permit shall be issued only after a cash deposit or bond, satisfactory to Council, in an amount to be set by it in each case, has been posted with the Clerk-Treasurer or the Administrator, conditioned upon prompt and satisfactory refilling of excavations and restoration of all surfaces disturbed.